We should play on Wordle fever to get young people interested in pensions, say savings bosses
It is the addictive daily word game that has taken the world by storm.
But could Wordle be the key to getting young people interested in pensions? That was the question raised by insurance experts at an industry event yesterday.
Barry O’Dwyer, president of the Association of British Insurers (ABI), said similar games could be used to make pensions and long-term savings more appealing to the younger generation.
The Association of British Insurers says games like Wordle (pictured) could be used to make pensions and long-term savings more appealing to younger generation
He told the ABI annual conference: ‘There is stuff we can do around the gamification of savings.
‘We can help people to tap into that Wordle-style competitiveness and motivate them to do better for themselves.’
Mr O’Dwyer, who is group chief executive officer at mutual Royal London, stressed: ‘We don’t want to make this into something trivial.’
The industry has long been concerned by the lack of interest among young people in adding to their pensions.
The Government is planning an online pensions dashboard to list all pots and savings in one place, so workers can see how their retirement is shaping up.
Any employee over 22 is automatically enrolled to pay into a pension.
The minimum contribution is 4 per cent from the employee, 3 per cent from the employer and 1 per cent via tax relief.
For many, this alone would not deliver a decent retirement income.
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